PART 4Conduct of persons working in financial services sector
Amendments of FSMA 2000
I119Senior management functions
After section 59 of FSMA 2000 insert—
59ZASenior management functions
1
This section has effect for determining whether a function is for the purposes of section 59(6) or (6A) a senior management function.
2
A function is a “senior management function”, in relation to the carrying on of a regulated activity by an authorised person, if—
a
the function will require the person performing it to be responsible for managing one or more aspects of the authorised person's affairs, so far as relating to the activity, and
b
those aspects involve, or might involve, a risk of serious consequences—
i
for the authorised person, or
ii
for business or other interests in the United Kingdom.
3
In subsection (2)(a) the reference to managing one or more aspects of an authorised person's affairs includes a reference to taking decisions, or participating in the taking of decisions, about how one or more aspects of those affairs should be carried on.